Financial adviser network raises capital and more trends in digital for advisers

The XY Adviser network ( is a popular place for financial advisers to trade news, talk about events, and get help and support. I know several New Zealand-based advisers that love the forum and have learned many useful new ideas from their peers through it. Other groupings, collegiate groups ranging from informal breakfast clubs, through service networks, to LinkedIn groups abound. But the shift to digital broadens the reach of networks considerably. Network effects mean that the bigger the network, the more valuable it is. Hence, the profound impact digital is having on adviser businesses. Two trends are moving in parallel - from installed software to web-based systems, alongside formal knowledge sharing in person to digital knowledge sharing in an informal context. Those changes in digital are having real-world effects: adviser businesses are able to access software solutions from around the world with more confidence due to the reference expertise that these social networks provide. One kind of growth creates another: XY is in the process of raising capital, such are the demands on their services. 

If the world of adviser technology interests you, do join me, with David Greenslade of Strategi on the FSC Get In Shape series hosted by Mark Banicevich. We're talking about all things adviser technology tomorrow at 10am. Here is a link to the events page on the FSC website: if you would like to register for the webinar. 

Daily news update: Senior management restructure for Lifetime Group, and more stories

Lifetime Group have announced that they are making several strategic changes that will see a change in their business focus and senior management team. Peter Cave has said that because Lifetime is looking to focus on the team based in Christchurch, GM of advice Jon O’Connor will be leaving at the end of June. Aaron Bowkett will be leaving his role at Apex to take on Jon’s current role. Sarah Fawcett is set to join Lifetime as the new chief financial officer.

“Managing director Peter Cave said the business had been through significant restructuring over the past 18 months and the next phase of that would see Jon O’Connor leave his role.

Lifetime wanted to focus on the team in Christchurch and centralise the senior management team there to be geared up for the future, he said.

O’Connor is based in Tauranga.

O’Connor said he would finish up in his role on June 30 and he was still deciding what his next step would be. He is to be replaced by Aaron Bowkett, who is currently with Apex Advice.”

Although Lifetime moved from an independent-contractor model to an employee model when Camelot and Lifetime merged, the group has seen a 20% drop in adviser numbers in the last 12 months.

“Peter Cave, managing director, said the strategy adopted after the merger was to pursue an employee model, to best position the group for the new licensing regime.

Lifetime had had an independent-contractor model before that.

“We also implemented our ‘advice for life’ client engagement philosophy during the same period.

“The objective was to position the adviser team for the future and invite those that wanted to come on the journey, to adopt the changes.”

But he said the net result had been the loss of some advisers.

“We have experienced just over 20% reduction in our adviser team over 12 months, made up of those we didn’t offer contracts to; those that left with their clients to set up their own businesses; and those that either retired or left the industry.” Click here to read more

In other news:

Cigna: Treena Jordan joins Cigna as Product Manger, specialising in business products

Why advisers should use handwritten notes, texts and mail

Which advisers should attend the FSC conference in September?

Always there are pressures on time and money and choices have to be made. Most advisers should probably think of the Financial Advice New Zealand conference in August first, and then decide whether to add the Financial Services Council conference in September. These people in particular should all take a good look at the FSC programme and add that in to your diary: dealer group heads, advisers business owners with ten plus staff, adviser business compliance leaders, and national sales managers.

The content that makes the difference in your decision-making is on both main stage and in the communities of interest workshops.

Main stage we have an extensive panel of ministers in government and opposition, the heads of RBNZ and FMA, and regulators - as well as some amazing personal stories.

In the communities of interest there is the dealer group lunch, with exclusive access to FMA and MBIE leaders. I would also recommend the session on reconciling competing client goals and objectives, which features leading advisers and technologists. Consider adding in a session from the underwriting stream, and of course, ensure you return to the main stage for the close of the day.

There are more speakers being announced all the time, but over thirty are listed at this link

The entire conference is worthwhile attending, but if it helps to reconcile your time pressure you can pack the content above into just one day if you like, and just pay the single day rate.

Check out the programme at this link. Register at this link